oulube Live Cricket Streamin Wrong Side Raju FullParaphrase Tool 1. In order to
ID: 2575101 • Letter: O
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oulube Live Cricket Streamin Wrong Side Raju FullParaphrase Tool 1. In order to be considered as external auditors with respect to agencies, GAO auditors must be A. organizationally i B. empowered as the accounting and auditing agency by the U.S. Congress. C. funded by the federal govemment. D. guided by standards similar to GAAS. 2. Which of the following is the essential purpose of the audit function? A. Detection of fraud B. Examination of individual transactions to certify as to their validity C. Determination of whether the client's financial statement assertions are fairly state D. Assurance of the consistent application of correct accounting procedures 3. The audit objective that all the transactions and accounts presented in the financial statements represent real assets, liabilities, revenues, and expenses is related most closely to which of the PCAOB assertions? A. Existence or occurrence B. Rights and obligations C. Completeness D. Presentation and disclosure The audit objective that all transactions are recorded in the proper period is related most closely to which of the Audit Standards Board (ASB) transaction assertions? A. Occurrence B. Completeness C. Cutoff D. Accuracy 4. The audit objective that all transactions are recorded in the proper account is related most closely to which one of the ASB transaction assertions? A. Occurrence B. Completeness C. Accuracy 5. D. Classification which The audit objective that all balances include items owned by the client is related most closely to one of the ASB balance assertions? 2 6. 00e chExplanation / Answer
Answer 1. A. organisationally independent is correct. GAO was established to be independent of the executive departments, the entities it would audit & review.
Answer 2. C. Determination of whether the client's financial statement assertions are fairly stated.
Answer 3. A. Existence or occurrence.
Answer 4. C. Cutoff
Answer5. D. Classification
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